The National Association of Microfinance Banks (NAMB) has directed all licensed MFBs nationwide to update it on their recapitalisation status for assessment and follow-up actions with the regulatory authorities, apparently disturbed by the monetary authorities’ revocation of 179 Microfinance Banks’ licences early last week and the negative implications for its financial inclusion drive.
The decision of the country’s umbrella body of all licensed MFBs came after intense debates on the current licence revocation action of numerous MFBs at an emergency meeting of the association’s leaders in Abuja.
Following that, the leaders agreed that the organization will analyze the proposals and hold a meeting with all MFBs this Thursday in Abuja “with a view to finalizing the process.” Commenting on the licence revocation saga during a post-meeting chat with journalists in Abuja, the NAMB National President, Mr. Joshua Ukute, rued the ugly development and promised that the “leadership of the association will continue to intensify its self-regulation activities in all MfBs nationwide to forestall this type of occurrence.
“As you all know, the MFBs have over the years remained at the forefront of the financial inclusion strategy agenda’s implementation and they will continue to do their best to deepen financial services, especially in remote communities that the big players are not ready to go”, the banker added.